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I think the challenges that a business owner has when they want to transfer ownership to a family member is kind of taken up in three question. It’s why, when and who? And it’s only for the business owner to answer it. Why they want to transfer ownership, but I find that one of the biggest issues is the when? When are they going to transfer ownership over to whoever they have chosen to be their successor, and it’s like giving up anything that you cherish. It’s hard to let go of that control.
And most business owners are well, not most, but many of them are have A type personalities and they want to be in charge and they’re leaders. That’s why they have successful businesses, and turning over control is extremely difficult. And I guess I don’t have any good counsel as to the when, but that’s only something that the business owner, but what lawyer, an attorney can help them do is kind of map out a progression of when that and how that control is transferred to the person they have decided or answered the who, whoever, whichever family member that is. So the when can be mapped out in a succession plan, which gradually turns control over to one of the children. Something that’s not too painful for the owner of the business.
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Minneapolis Estate Planning Attorney Ned Ostenso, talks about small business owners and the challenges they face when trying to transfer their business to a family member.